Rumors had previously suggested Verizon and Redbox were working on a streaming movie service to go against the likes of Netflix, Amazon and Hulu. Those rumors were true. The two companies will offer video content on demand, but to what extent still remains to be seen.

Verizon and Redbox are reportedly gearing up to poop out a TV and movie streaming service. Great.…
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According to All Things D's Peter Kafka, details are vague (as in, almost non-existent) aside from the basic fact that they will have digital content. But Kafka says that Verizon has a 65% stake in the partnership, which could prove favorable, given Redbox's moments of tension with the studios.

But will people give up their Netflix subscriptions for this new streaming service? The initial rumors claimed this will be a subscription-based service. Can they possibly acquire content that Netflix has failed to up to this point? Those rumors also suggested no. Ugh. In any case, the two companies promise more details in the coming months, so stay tuned. [All Things D]